The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1887-11-22

loan (and we shall want one) at a
much less rate; but if we hesitate
we shall lose the advantage of this
great money market. Therefore, l
recommend that the House leave
this matter in the hands Of the Min
lister of Finance, and that there
shall be nothing in the law that
shall look as though there was hest
fancy on the part Of the house to
issue the bonds.
Mr.. Baldwin made lengthy
speech in defence of signing the
minority report. He said that no
thorough business man or men, such
as the house of Matheson & Co. are
reported to be, could interpret the
law in regard to the negotiation Of
these bonds that more than 3 per
cent would be allowed for such
work. If there was n shadow of
chance, as some claim, of more
being allowed, it was the duty of
the issuing house to have that clause
Of the law made explicit, and not
for them to put their own lnterpre-
tation on it, and demand 10 per
cent instend of as prescribed by
law, and which our Supreme Court
has decided is the only legal fee
that can be charged. The House
should be very careful about white
washing the illegal acts Of the last
Ministry. Therefore my vote will
be for the issuing of bonds for the
amount of money received and not
for the fl5,00 as charged in the
item of expense.
Mr.. Warehouse considered this
one of the most important matters
of this session. We are here to do
our duty to the taxpayers and not
to individuals. We have had $780,
600 stolen from us, and are we to
pass this over without saying any
thing about it? | for one say, No!
Our credit is already gone. We
expect to have our names stricken
from the board Mt the end of the
year. 1t is better that it should be,
rather than the taxpayers should be
robbed. Let us find out who this
syndicate are. We have not found
out yet. Nor do we know who the
holders of the scrip are. Is this
syndicate Il myth? l wish my vote
recorded for the indefinite postpone
ment of the LIST section.
Mr.. Dole said he supported the
remarks of the two last speakers.
1t has been said by some news
papers that the Loan Act was con-
ceived in sin, and brought forth in
iniquity. There was no excuse for
it and no desire on the part of the
Government to obtain an English
loan, and it was well known that
there was a strong opposition felt
among the most intelligent part of
the nation, when with an honest
government there would be no diff
Guilty in borrowing an adequate
amount nearer home. The PROPOSE
ton for an English loan came from
an adventurer named Armstrong,
who thought that if the King and
the Government could be inveigled
into the scheme it might be made a
profitable speculation. But the
Cabinet then in power did not favor
the scheme until their official heads
were threatened. The Loan Act was
passed by the Legislature and
amended, specifying the objects to
which it was to be devoted. Mr..
Armstrong and his mythical syndi-
cate had this law before them, and
knew exactly what remuneration it
provided. They wilfully and wrong
fully appropriated for their own use
SIS, 900, trusting probably to the
idea that they could make it all right
with the corrupt Government then
in power, but before this affair
could be wound up, the period of
misrule came to an end. Shall we
sacrifice our principle for the sake
of policy. We are told that we
must ignore our statutes for the
sake of our credit, and comply with
the demands of these Lombard
street Jews. 1t will be an unhappy
day for the country when we depart
from the path of strict recttude
and establish precedents which make
principle subservient to matters of
policy. If we stand by the statutes
of 1886 and tender to the subscribers
to this Loan such bonds as are con-
templated by that act, we shall be
doing the honest thing, and if they
refuse such legal tender they do it
at their own peril.
Mr.. Young spoke at some length
favoring the amendment of Mr..
Kinney. He also said that we want
ed an honest financial agent in Lon
don, such man as Mr.. Green,
although he supposed that he would
be unable to 60, still he had no
doubt but there were men here who
could be trusted with millions. If
not then we can borrow one from
Uncle Sam. He was in favor of
issuing bonds under such restrictions
as Mr.. Kinney's amendment pro-
vides.
Mr.. Castle spoke in favor of the
bill, advocating the issuing of bonds
for the amount subscribed for. 1t
is an outrage on this House to have
our Financial agent come back and
tell us that he cannot tell us who
the Syndicate are, or who holds